‘As Is’ sales scrutinised

Mt Pleasant homes damaged after the February earthquake.

Mt Pleasant homes damaged after the February earthquake.

Last week saw the front page of Wednesday’s paper highlight the concerns raised by the local authorities with regard to “as is” properties flying under the radar. Liz McDonald at The Press reports:

New rules could force owners to reveal details about damage to homes for sale or rent, as concern grows about unrepaired and uninsurable houses.

The Government has confirmed it is looking at ways to address problems emerging with the as-is-where-is housing market in Christchurch.

Earthquake Recovery Minister Gerry Brownlee acknowledged at the forum that as-is sales were “a problem that is certainly emerging, and one we need to put a great deal of thought into and have solutions for”.

Labour earthquake recovery spokeswoman and Port Hills MP Ruth Dyson said the issue was a problem for the whole city, as well as those directly affected.

“There’s a moral argument here. Money is paid out for repairs, it should be used for repairs. Having all these uninsured homes is a societal risk.”

Dyson said central or local government could require details of damage and insurance go on council LIM (land information memorandum) reports until repairs were done, or be listed on sale and purchase agreements.

The bottom line of their concerns is the potential safety risk unsuspecting purchasers and tenants could be exposed to should full disclosure not be made and the appropriate remediation not completed. They are calling for some form of records to be kept and for a Warrant of Fitness system for dwellings to possibly be instigated. While the immediate reaction is for alarm bells to ring, I actually welcome this approach, as this encourages best practice in the industry when dealing with this specialised market.

This also fully endorses my staunch stand with regard to insisting on comprehensive engineer’s reports. Firstly it addresses the question of safety and secondly it forms the absolute baseline of representation with regard to the dwelling’s structural status and integrity. Engineers are the suitably qualified professionals to comment on such matters, not salespeople representing the property on face value.

From experience the buying public welcome transparency and this credible information, indicating that they can make well informed decisions based on good information.

I say bring it on, by raising the bar the “as is” market will only gain more credibility. So get armed with the facts and go forth and buy!

See also: Editor, ‘Good decisions need good info’, The Press, 21 November 2013

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About Peter Griffioen

Peter Griffioen - or simply Griff to those who know him - has an established reputation as a high-producing Harcourts Canterbury salesperson. With a focused approach to customer service you can rest assured that you are in good hands, whether it be a relaxed chat about the state of the market or an in-depth discussion regarding your next property transaction. The key advantage of engaging Team Griff’s services is their local knowledge and experience. Currently in this post-seismic era, it is vital to have true professionals working on your behalf, ensuring that you are guided through the process professionally and with a caring approach. The advent of the ‘as is, where is’ market means specialised expertise are required and Team Griff has taken it on themselves to both understand and explain the pros and cons of this now accepted sale/purchase option. For over 26 years the Griff brand has become synonymous with achieving results. Griff now prides himself with his five member team and takes much satisfaction from empowering them to both achieve and reach their own goals. A team with a proven track record placed with the highest ranking Harcourts Million Dollar Club members, exceeding the $275m level. Such accomplishments highlight the team’s exceptional marketing and negotiating skills. Team Griff are recognised as industry leaders for their online presence and regular blog posts of current and relevant real estate information. E-marketing and readily available property specific detailed info means Team Griff’s clients have the edge when it comes to selling their homes, not forgetting purchasers who benefit first hand. A simple Google search says it all – the Griff brand ranking with the most frequent. Griff’s life focus extends beyond business, with quality time and fun being high priorities, while mountain biking, boating and fishing provide that vital time out. His Christian faith is his anchor for daily living, and his community is important to him. For a team approach to optimize the result for your next property transaction, be sure to talk to this award winning team - synonymous with hard work and results! Griff and his trusted team welcome your enquiry today.

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